Key developments in the Ukrainian foreign exchange market, December 2013

Official exchange rate of hryvnia
against:

US dollar remained unchanged and as of 31.12.2013
stood at UAH 799.3000 per USD 100;

EUR had fallen by 17.74 kopiyok (1.63%) and as of 31.12.2013 stood at UAH 1104.1530 per EUR 100;

Russian Rublehad dropped by 0.04kopiyok(1.54%) and as of 31.12.2013 stood at UAH 2.4497 per RUR 10.

Turnover of cashless foreign exchange transactions on
the interbank foreign exchange market of Ukraine (purchase and sale in dollar
equivalent) amounted to USD 79,862.1
million (including
transactions conducted by the State Treasury Service of Ukraine).

Interventions carried out by the National Bank of
Ukraine on the interbank foreign exchange market
of Ukraine:

the amount of foreign exchange sold to individuals
- USD 2, 228.0 million.

The international reserves (according to
preliminary data)stood at USD 20,415.7 million as of 01.01.2014.

Individual deposits in free-converted currency (in dollar equivalent) had shrunk by USD 191.2 million and as of 01.01.2014 amounted to USD 22, 604.8 million.

Real effective exchange rate (REER) of Hryvnia

In November 2013, the real
effective exchange rate of hryvnia (hereinafter
referred to as the REER) had risen by 0.8 % versus October 2013. This was mainly due
to movements in the hryvnia nominal effective
exchange rate, which had increased by 1.1 %, largely on account of the
appreciation of the US dollar against the basic world currencies. At the same
time, the inflation differential had decreased by 0.2 % as inflation in Ukraine
was lower than its average weighted index in Ukraine’s main trading partners.

The REER of hryvnia has
edged down by 0.8 % versus December 2012. The exchange rate component
contributed 3.7 % to the change in the REER of hryvnia,
with the price component contributing “minus” 4.5 %.